PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 3035 "(C) Payments described in subparagraph (A)(i)(IV) may be made from such trust during a taxable year only to the extent that the aggregate amount of such payments during such taxable year does not exceed the lesser of— "(i) the excess (if any) (as of the dose of the preceding taxable year) of— "(I) the fair market value of the assets of the trust, over "(ID 110 percent of the present value of the liability described in subparagraph (A)(i)(1) of such person, or
- (ii) the excess (if any) of—
"(I) the sum of a similar excess determined as of the close of the last taxable year ending before the date of the enactment of this subparagraph plus earnings thereon as of the close of the taxable year preceding the taxable year involved, over "(11) the aggregate payments described in subparagraph (A)(i)(IV) madefromthe trust during all taxable years beginning after the date of the enactment of this subparagraph. The determinations under the preceding sentence shall be made by an independent actuary using actuarial methods and assumptions (not inconsistent with the regulations prescribed under section 192(c)(l)(A)) each of which is reasonable and which are reasonable in the aggregate. ' "(D) For purposes of this paragraph: "(i) The term 'Black Lung Acts' means part 0 of title IV of the Federal Mine Safety and Health Act of 1977, and any State law providing compensation for disability or death due to that pneumoconiosis. "(ii) The term 'qualified investments' means— "(I) public debt securities of the United States, "(ID obligations of a State or local government which are not in default as to principal or interest, and "(III) time or demand deposits in a bank (as defined in section 581) or an insured credit union (within the meaning of section 101(6) of the Federal Credit Union Act, 12 U.S.C. 1752(6)) located in the United States. "(iii) The term 'miner' has the same meaning as such term has when used in section 402(d) of the Black Lung Benefits Act (30 U.S.C. 902(d)). "(iv) The term 'incidental expenses' includes legal, accounting, actuarial, and trustee expenses." (b) EXCEPTION FROM TAX ON SELF-DEALING.— Section 4951(f) is amended by striking "claiise (i) of section 501(c)(21XA) and inserting "subclause (I) or (IV) of section 501(c)(21XA)(i). (c) TECHNICAL AMENDMENT.— Paragraph (4) of section 192(c) is £unended by striking "clause (ii) of section 501(c)(21XB) and inserting "subclause (II) of section 501(c)(21XAXii). (d) EFFECTIVE DATE.—The amendments made by this section 26 USC 192 note, shall apply to taxable years beginning after December 31, 1991.
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